The biggest companies in the S&P 500 all grew earnings in 2023 after large structural changes accelerated technology earnings, and this is likely to continue in 2024, led by semiconductor designer Nvidia, which could eventually one day overtake Apple to become the world’s largest company, according to Nick Griffin, CIO of Munro Partners.

High-performance computing companies drove gains in the US stock market in 2023, triggered by the artificial intelligence (AI) revolution. Nvidia led those gains, with its earnings up nearly 400 percent for 2023 while its stock price has gained around 235 percent as at 13 December 2023. Nvidia is the world’s most important producer of graphics processing units (GPUs), which enable artificial intelligence (AI) processing. Other technology companies, too, such as Microsoft (up 56 percent), Google owner Alphabet (up 49 percent) and Amazon (up 73 percent) have been able to boost their earnings considerably, driving up their stock prices.

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